Island Sky Australia to emerge as U.S. oil and gas play Thursday, November 21, 2013 by Proactive Investors
The company is set to transition to become an oil and gas developer in the U.S.
Island Sky Australia (ASX: ISK) has been granted a trading halt by the ASX this morning, with its shares placed in pre-open.
The company is set to transition to become an oil and gas developer focused on key onshore production areas in the central U.S. It has set its sights on first oil production in the June quarter next year.
Island Sky will also have a very experienced chairman in Glenn Davis, who is also the chairman of Beach Energy (ASX: BBT).
The company requested the halt pending the results of an extraordinary general meeting today, at which the shareholders are requested to consider the proposed transaction between ISK and T.H. McElvain Oil & Gas LLP and the associated offer and placements.
The meeting will vote on consolidating Island Sky’s 328.6 million ordinary shares on issue on a 50:1 basis.
Pawnee plans to issue a prospectus to raise around A$8 million through the issue of 40 million ordinary shares at $0.20 cents each.
The halt will remain in place until the opening of trade on Monday 25th November 2013, or earlier if an announcement is made to the market.
